Medicare Supplement Plans (also known as Medigap) help add additional coverage to your Medicare Part A and Medicare Part B. However, Medicare beneficiaries who add a supplemental plan or switch to a new Medigap plan may not like their new policy or insurance company. This issue is why the Medicare Supplement Free Look Period comes in handy.
Unfortunately, many Medicare recipients are not even aware of their Free Look Period. In this guide, we will answer a few critical questions for you, such as: What is the free look period for a medicare supplement policy? How long is the free look period? And how can I make good use of the Medicare Supplement Free Look period?
What is the Medicare Supplement Free Look Period?
To use golf terminology, the Medigap Free Look Period is your chance to “take a mulligan.” If you’ve added a Medigap policy for the first time or switched to a new Medicare Supplement plan from an existing plan, you have a set period to evaluate your plan to see if you like it. This way, you won’t get stuck with a Medigap plan that doesn’t meet your needs or expectations.
How long is the Free Look Period for a Medicare Supplement Policy?
Your Free Look Period begins as soon as your application for a Medigap policy is issued. From the day your policy is issued, you will have 30 days to decide whether you want to keep it. This is your “Free Look Period.”
How does the Medicare Supplement Free Look Period work?
During the 30-day decision period, you can evaluate your new Medicare Supplement Plan to see if it meets your needs. If you’re switching between Medigap policies, you should not cancel your original Medigap policy until you are sure that you want to stick with the new one.
Before the 30 days expire, you have a few options. You can call your new or old Medigap insurance provider to cancel one of the plans. If you’re trying Medigap for the first time and don’t like your plan, you can contact a new Medigap provider to acquire a new plan. Either way, you will have one month to decide which policy you prefer.
When can I change my Medicare Supplement Insurance Plan?
Many people switch or add plans during their initial 6-month Medigap Open Enrollment Period or through the Guaranteed Issue Right. That said, you can change your Medigap plan at any time, subject to health underwriting. Once your policy is issued, your Free Look Period will begin immediately.
Agent TipYou can change your Medicare Supplement plan ANYTIME throughout the year. You do not have to wait until the annual enrollment period to make a change. You will be subject to basic health underwriting unless you qualify for Guaranteed Issue, turned 65 in the past 6 months or are new to Medicare Part B.
How can I switch to a new Medicare Supplement Insurance Plan?
To switch to a new Medicare Supplement Plan, you will need to apply with the insurance carrier of your choice. You will first need to find a company that offers Medigap in your area. If you qualify and your application is accepted, you will need to contact your old Medigap provider and let them know that you intend to end your policy.
Bluewave Insurance works with ALL the top insurance companies across the country. Give us a call at 800-208-4974 if you are interested in finding a plan in your area.
What are the Benefits of the Medigap Free Look Period?
Folks don’t always like acquiring new plans or switching between plans. It can be a little scary if you’re unsure about your policy. Will the change save you money? Does your new policy cover more or less than your old one? Are you paying for coverage that you don’t need? These are all the kinds of questions you’ll likely ask yourself with a new Medigap plan.
That’s why the Medigap Free Look Period exists. No one should have to be stuck with a supplemental plan or insurance company that they hate. Thus, anyone who acquires a new plan has a 30-day decision period. In other words, the Free Look Period lets you take a new Medigap policy for a spin before making your final decision.
This gives you more control over your Medicare coverage, but it also lets you see where you can save money. A new Medigap policy may be a lower monthly premium than your old one. That said, it could also cover medical expenses that your old policy did not.
Bluewave Insurance Is Here to Help
Do you still have questions about the Medicare Supplement Free Look Period? Would you like professional advice on the pros and cons of switching Medigap plans? Are you dissatisfied with your current Medicare Supplemental policy? No matter the issue, Bluewave Insurance is here to help.
If you have any further questions about Medicare or want to learn more about cost-sharing Medigap options, call us at 800-208-4974 today!